98/07/28 Receipt Of Operating Permit From Clark County
Transcript - Market News Publishing Inc.
PHOENIX METALS U.S.A. II, INC. ("PMTU-L")
Robert F. Flaherty, President of Phoenix Metals U.S.A. II, Inc. announces the receipt of its Operating Permit from Clark County to commence full-cycle precious metals production at the Black Mountain Refinery, Searchlight, Nevada and other matters of shareholder interest.
Phoenix Metals U.S.A. II, Inc. is pleased to announce the receipt of it's operating permit at the Black Mountain refinery from the Air Control Division of Clark County, Nevada and will commence production in August. The Company is installing on-site milling equipment to match smelter capacity.
All required personnel completed Mining Safety and Health Agency training in June 1998, and the refinery has been certified by MSHA to be in site compliance to commence full-cycle production. All facility infrastructure is nearing completion. A 500 kilowatt diesel generator is being installed bringing total on-site electrical capacity to 750 kilowatts with 500 kilowatts required for all refinery operations to continue uninterrupted in the event of a power outage.
The grand opening of the Phoenix Metal Black Mountain Refinery on March 21st was attended by over 200 visitors and shareholders including dignitaries and business associates from the U.S., Canada, Europe, Taiwan, Hong Kong, Singapore, Japan and Africa. We with to thank all who travelled from afar for attending and helping to make the day such a success.
The SEC investigation of the Company and its President conducted over three years was formally concluded with a Federal court order signed May 22, 1998 resulting in no fines or penalties levied against the Company or Mr. Flaherty. Phoenix Metals wishes to commend the Securities and Exchange Commission and it's Pacific Region staff for their thoroughness and professionalism during the investigation.
Phoenix Metals U.S.A. II, Inc. is completing year-end financial statements at this time and the Company reorganization is proceeding including the addition of key management personnel and corporate offices in Las Vegas. Further news announcements will be forthcoming shortly detailing these business areas.
Phoenix Metals U.S.A. II, Inc. is a closely held non-reporting public company which trades on the NASDAQ Bulletin Board under the symbol PMTU. For further information, please contact the company directly.
TEL: (702) 869-6181 Robert F. Flaherty, President or
FAX: (702) 869-6286 Diana Lee Flaherty, Chairperson |
